KT Corp (Buy, TP: USD 24/ADR, +79%) Follow up on Q4 22’s one-offs
KT’s Q4 results were muddied by one-offs in labour costs and KT estate profits. Following clarifications with IR, our workings indicate a resilient service revenue trend and a strong EBITDA growth. Growth momentum remains healthy and KT remains our top pick with a US$24/ADR and we believe it has the potential to double over time.KT is a provider of telecommunications services in the Republic of Korea (the "ROK", South Korea). Co. provides telephone services, Internet phone services, mobile phone services, Internet services and Internet protocol television services. Its telephone services include local, domestic and international long-distance fixed-line telephone services. Its Internet phone services include voice over Internet protocol services. Its mobile phone services include mobile telecommunication services and third generation mobile phone telecommunication services. Its Internet services include fiber to the home services.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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